Alexander Mining boosted by Mongolian marketing agreement

11th Jan 2017 13:13

(ShareCast News) - Alexander Mining has signed a marketing agreement with a prominent Mongolian commodities expert over the potential commercial use of the AIM company's leaching technologies in the country.Alexander said Dr Jadambaa Temuujin, chief research scientist at the Mongolian Academy of Sciences's chemistry department and with "strong ties" with many mining and minerals processing companies in Mongolia, had agreed to a two-year deal with a rolling mutually agreeable six monthly extension thereafter. Under the agreement, Temuujin will be paid a commission for the first three years of licence commercial use for every opportunity he introduces to Alexander that leads to the company executing a commercial technology licencing agreement and then receiving licencing revenue."Mongolia, with its favourable location adjacent to China, is a noted mining country and is highly prospective for the discovery of new mineral deposits," said chief executive Martin Rosser. Mongolia's copper and coal deposits have attracted many international and domestic companies, including Rio Tinto, have both been identified and exploited, with the country already a significant exporter of copper, coal, molybdenum, silver and zinc.Alexander pointed out that the Mongolian government is actively exploring ways to increase the extent of processing within the country, while plans are underway to build a centralised copper smelting and converting facility near Ulaan Baatar to reduce concentrate exports. Shares in the company were up 23% to a still-small 0.23p just after 1300 GMT on Wednesday.